Greetings,
The chart shows the main trend, timeframe 1 day. Upward channel, width 200%. Now the price is under the lower limit of the channel, the support is a horizontal level (zone) 0.0062. It is important to return the price to the channel to preserve the upward movement. Fixing below the horizontal zone may be the beginning of the main trend reversal, which will be undesirable for the coin itself as large coin holders may enter the market by collapsing the price. Fixing below the channel, updating the minimum may give a good signal for a short position. For a long position, I would wait for the price to return to the channel.
This is not a buy signal, but information to watch out for. Always assess your risks and put a stop loss.
If you liked the idea, support with liking and subscription, it motivates for new trading ideas.
The chart shows the main trend, timeframe 1 day. Upward channel, width 200%. Now the price is under the lower limit of the channel, the support is a horizontal level (zone) 0.0062. It is important to return the price to the channel to preserve the upward movement. Fixing below the horizontal zone may be the beginning of the main trend reversal, which will be undesirable for the coin itself as large coin holders may enter the market by collapsing the price. Fixing below the channel, updating the minimum may give a good signal for a short position. For a long position, I would wait for the price to return to the channel.
This is not a buy signal, but information to watch out for. Always assess your risks and put a stop loss.
If you liked the idea, support with liking and subscription, it motivates for new trading ideas.
